431. How far the mortgagee's liability for wilful default account extends.

The mortgagee accounts on the same footing to all persons interested in the equity of redemption, and remains liable to account notwithstanding that he has assigned the mortgage1, unless he has assigned it under court order2. The rule as to the footing on which a mortgagee must account3 applies, however, only when the mortgagee enters in his character as mortgagee, so that he knows that he is in possession and chargeable accordingly4. Thus a mortgagee in occupation as tenant does not account as mortgagee in possession5, but, where a tenancy is created in favour of the mortgagee after a